The Serious Fraud Investigation Office (SFIO) of the Ministry of Corporate Affairs has signed two Memorandums of Understanding (MoUs) on 18-03-2013 with: (i) the National Institute of Electronics and Information Technology (NIELIT), an autonomous scientific society of the Department of Information Technology, Government of India for setting up a Forensic Lab within SFIO premises in New Delhi. The lab will be useful in enabling SFIO to investigate cases of serious and complex fraud; (ii) with the Financial Intelligence Unit, India (FIU-IND) for exchange of information relating to banking transactions. Such exchange of information would help SFIO in developing a fraud prediction model. Giving this information in written reply to a question in the Rajya Sabha today Shri Sachin Pilot, Minister of Corporate Affairs, said that a similar MoU has also been signed between the Ministry and FIU-IND.

The total cost of the Forensic Lab project is estimated at Rs. 3.80 Crore. The Forensic Lab is expected to be functional during the current financial year, Shri Pilot informed the House.

KKP

(Release ID :95660)

Corporate fraud detection enhanced by new forensic lab and financial intelligence data-sharing to aid investigations. The Serious Fraud Investigation Office has entered inter agency arrangements to establish a Forensic Lab within its premises for investigating serious and complex frauds and has concluded an MoU with the national financial intelligence unit for exchange of banking transaction information to support investigations and development of a fraud prediction model; the lab project has an estimated cost and is expected to be operational in the current financial year.